The Tesla chief executive officer surpassed luxury tycoon Bernard Arnault this week after shares of Arnault’s LVMH fell 2.6 per cent in Paris trading on Wednesday., a listing of the world’s 500 richest people.
Mr Arnault first surpassed Mr Musk in December as the tech industry struggled and luxury showed resilience in the face of inflation. LVMH, which Mr Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy. Faith in the luxury sector’s buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China. LVMH shares have tumbled about 10 per cent since April, at one point wiping $US11 billionfrom Mr Arnault’s net worth in a single day.Mr Musk, meanwhile, has gained more than $US55.3 billion this year, largely due to Tesla. The Austin-based car maker – which comprises 71 per cent of his fortune – has rallied 66 per cent in the year so far.
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